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PBR

Energy Sector Update for 03/20/2015: PBR,SARA,KWKA

Top Energy Stocks

XOM +1.00%

CVX +2.25%

COP +1.89%

SLB +2.25%

OXY +1.76%

Energy stocks were sharply higher today with the NYSE Energy Sector Index advancing about 2.1% while shares of energy companies in the S&P 500 were up 1.7% as a group. Crude oil for May delivery was up 93 cents at $46.46 per barrel while April natural gas futures were down 1 cent to $2.80 per 1 million BTU.

In company news, American depository shares of Petroleo Brasiliero SA ( PBR ), the Brazilian energy giant also known as Petrobras, rose Friday after saying it brought seven new offshore wells into production during February in the Campos and Santos basins.

Overall production averaged about 2.801 million barrels of oil equivalent during February, down about 1.5% from January levels.

Domestic oil production slipped 1.8% last month to around 2.612 million barrels per day. The declines were largely expected due to planned maintenance, including temporary shutdowns of its P-19 and P-58 platforms in the Campos Basin.

PBR ADS were up more than 5% at $5.52 apiece, just 6 cents under their session high. The stock has traded within a 52-week range of $4.90 to $20.94 a share, declining more than 56% over the past 12 months prior to today's price gain.

In other sector news,

(+) SARA, (+9.5%) Lenders extend forebearance agreements for $54.6 mln of its debt. Company also retains Conway MacKenzie Management Services to assist with its efforts to restructure its senior debt and names Jeff Huddlestong to be interim chief financial officer and John Young as Strategic Alternatives Officer.

(-) KWKA, (-37.5%) U.S. Bankruptcy Court in Delaware approves all of the company's "first-day" motions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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